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Posted: 3/5/2006 10:29:13 AM EDT
What forms do I need to fill out and are there any stipulations to this?

I know this was discussed a while back in the forum but I can't find the info and would appreciate
any help.
Link Posted: 3/5/2006 3:40:41 PM EDT
Hire a lawyer. Most charge around $400 to incorporate. You will need $1000 worth of assets to get going. Make sure you understand the difference between private and corporate ownership of items, and the clear difference between the corporation's assets and your private property (includeing cash).
Link Posted: 3/5/2006 4:31:33 PM EDT
Where are you located?
Link Posted: 3/5/2006 4:36:42 PM EDT

Originally Posted By SC-Texas:
Where are you located?



i'm in college station right now.
Link Posted: 3/5/2006 5:56:48 PM EDT
If you ever make it to Houstonm, look me up.

I do corporations and LLCs for a small fee.

Its a $310.00 to the state to form an LLC.
Link Posted: 3/5/2006 9:52:42 PM EDT
+1 for sc-texas


he help (basically did everything) me set up mine already have a can odered and form1 filled out
Link Posted: 3/5/2006 9:59:56 PM EDT

Originally Posted By SC-Texas:
If you ever make it to Houstonm, look me up.

I do corporations and LLCs for a small fee.

Its a $310.00 to the state to form an LLC.



I already went ahead and filled in the 205 and I think I have that part pretty well figured out, but my question is what do I do after the paper work clears?
Link Posted: 3/6/2006 5:03:41 AM EDT

Originally Posted By BadSVT:
I already went ahead and filled in the 205 and I think I have that part pretty well figured out, but my question is what do I do after the paper work clears?



If you have filled out the 205, sent it in with $300, and you are the sole member of the corporation - you do nothing, until you get your paperwork back from the sec. of state. Once you paperwork comes back on the LLC (~2 weeks) you are good to go.

Then, you simply start any NFA paperwork you want, put down the corp, and that is it.

As far the the LLC is concerned, the hardest part is just filling out the 205. It is simple. Once per year there is a tax form you must fill out, to show you had no sales during the tax year and therefore pay no tax.
Link Posted: 3/6/2006 6:00:26 AM EDT
[Last Edit: 3/6/2006 6:20:00 AM EDT by mikejohnson]

Originally Posted By FALARAK:

Originally Posted By BadSVT:
I already went ahead and filled in the 205 and I think I have that part pretty well figured out, but my question is what do I do after the paper work clears?



If you have filled out the 205, sent it in with $300, and you are the sole member of the corporation - you do nothing, until you get your paperwork back from the sec. of state. Once you paperwork comes back on the LLC (~2 weeks) you are good to go.

Then, you simply start any NFA paperwork you want, put down the corp, and that is it.

As far the the LLC is concerned, the hardest part is just filling out the 205. It is simple. Once per year there is a tax form you must fill out, to show you had no sales during the tax year and therefore pay no tax.



(This is what I was told by an attorney, but it could be wrong)
I believe Texas charges a minimum annual franchise tax for corporations whether or not you make a profit. Not sure about Limited Liability Companies, but I would think its similar.

Not only do you have to file with Texas each year (call them to find out what day you have to first file, since its different), you have to file with the IRS by March 15th (for corps), at least the first year.


Edited to add:

INSTRUCTIONS FOR FILING A CERTIFICATE OF FORMATION FOR A LIMITED LIABILITY COMPANY
(Forms 205/206)
...
Please note that under the provisions of the Texas Tax Code, a LLC and a PLLC are subject to state franchise tax.
...
Franchise Taxes: State franchise tax information may be obtained from the Comptroller of Public Accounts, Tax Assistance Section, Austin, Texas, 78774-0100, (512) 463-4600 or (800) 252-1381. The Corporations Section home page provides links to the IRS and Texas Comptroller web sites.

link: https://direct.sos.state.tx.us/help/help-corp-filing-205.html

link on Franchise tax info:
http://www.window.state.tx.us/taxinfo/taxpubs/tx96_114.html
Link Posted: 3/6/2006 6:03:44 AM EDT

Originally Posted By mikejohnson:
I believe Texas charges a minimum annual franchise tax for corporations whether or not you make a profit. Not sure about Limited Liability Companies, but I would think its similar.

Not only do you have to file with Texas each year (call them to find out what day you have to first file, since its different), you have to file with the IRS by March 15th (for corps), at least the first year.



That is the problem with threads like these.... there is more "I think" and not enough "I know". This just spreads mystery about the process.
Link Posted: 3/6/2006 6:05:23 AM EDT
[Last Edit: 3/6/2006 6:26:54 AM EDT by mikejohnson]

Originally Posted By FALARAK:
That is the problem with threads like these.... there is more "I think" and not enough "I know". This just spreads mystery about the process.



That's why you seek advice from an attorney and/or and accountant, not the internet... or go read the SOS, IRS, and TX Comptroller web sites...

See above where I linked the info on franshise taxes. Not sure if a minimum is due, but you do have to file with the irs as well.

Link Posted: 3/6/2006 7:54:28 AM EDT
Link Posted: 3/6/2006 8:07:39 AM EDT

Originally Posted By TheRedGoat:
Really?

Because I think the best advice was posted by an actual attorney in this thread.

TRG



I wouldn't call it advice-- its an offer tolook him up....




Originally Posted By SC-Texas:
Where are you located?



Originally Posted By SC-Texas:
If you ever make it to Houstonm, look me up.

I do corporations and LLCs for a small fee.

Its a $310.00 to the state to form an LLC.



Link Posted: 3/6/2006 8:18:23 AM EDT
Link Posted: 3/8/2006 8:25:14 PM EDT
Link Posted: 3/13/2006 3:51:48 PM EDT
taggity
Link Posted: 3/13/2006 5:28:34 PM EDT
SC-Texas (or anyone else): Is it worth it for me and what are the benefits of forming a LLC or S-Corp for an indivual like myself. I'm a security contractor so I do work for a company, some consider you an employee but some (like my current contract) declare us as independant contractors. The only real difference from my point of view is paying double the medicare/social security payments :( But is there an advantage for me to form a company for myself? I know some of the other contractors do, but I haven't gone into detail with them as to why.
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